Stores across Turkey close

  Mar 26, 2020 12:05 pm Turgay Kale 11
Latest move dims hopes of a boom year, Ankara pledges $15 billion in support, advised public to stay home

Stores across Turkey close

SHoPS closed across Turkey on Thursday to help halt the coronavirus spread, dimming the economy’s prospects and raising questions for hundreds of thousands of workers after Ankara pledged $15 billion in support and advised Turks to stay home. Clothing retailers shuttered and malls, with some 530,000 employees and annual turnover of $160 billion, were set to follow suit after Turkey announced cases of the virus had nearly doubled to 191 including a second death. A day after President Tayyip erdoğan announced a series of steps to backstop the economy, two sources said government officials are in the early stages of trimming private expectations for economic growth, which was publicly forecast to be 5 per cent this year. A drop in unemployment from above 12 per cent last month to below 9 per cent by year end is now seen as unlikely, while public spending is expected to be a bigger-thanexpected driver for the major emerging market economy, they said, requesting anonymity. However Turkish Finance Minister Berat Albayrak said in a TV interview on Thursday he has “no concerns” about meeting the government’s growth, budget and inflation targets in 2020. Turkey — which had just...

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